Saudi-British Trade Volume Amounts to 10 Billion Pounds

Saudi-British Trade Volume Amounts to 10 Billion Pounds

Wednesday, 7 March, 2018 - 09:15
Saudi Crown Prince Mohammed bin Salman. (AFP)
Riyadh - Fateh al-Rahman Youssef
The visit of Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, to the UK marks the start of a new phase of strategic partnership, as the two kingdoms are shifting towards new and challenging directions: Saudi Vision 2030 and Brexit.

As London is preparing to exit the European Union, Saudi Arabia is working to achieve a comprehensive national program to promote development at all levels.

Co-chairman of the Saudi-British Joint Business Council Sheikh Nasser Al-Mutawa Alotaibi said in this regard that the visit of Prince Mohammed to Britain would see the signing of enhanced agreements for the comprehensive strategic partnership between the two kingdoms, as well as cultural, social and economic events.

In a telephone conversation with Asharq Al-Awsat from his London office, Al-Mutawa noted that British government figures indicated that the volume of trade between Riyadh and London over the past three years ranged from 8 to 10 billion GBP, including materials and services.

He pointed out that more than 200 British companies were operating in the Kingdom, while more than 6,000 British companies were dealing with the Saudi market.

Al-Mutawa stressed that the Joint Business Council was working with the governments of the two countries to nationalize the industry. It is also interested in the projects of Aramco and the joint research programs for advanced technology, renewable energy and cybersecurity.

“The visit of Prince Mohammed bin Salman to Britain comes at the beginning of an important shift in the direction of the two kingdoms, as Britain is moving towards exiting the European Union, while Saudi Arabia is in a transitional phase, within Vision 2030, which will take the country’s economic and social life to international levels,” he said.

The chairman of the Joint Business Council underlined the British government’s keenness on Prince Mohammed’s visit, noting that many agreements would be signed to bolster strategic partnership between the two countries.

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